EMotorad, an e-bike startup has acquired Delhi-based EV charging company Panine for an undisclosed amount. With this acquisition EMotorad enters the upcoming EV fast-charging network segment.
The company says this move will allow EMotorad to offer Panine’s platform and battery technology, which has been developed after extensive research and understanding of challenges that localised Indian conditions pose to battery life in EVs. This also facilitates necessary muscle power to Panine allowing it to grow to the next level while improving EMotorad’s own battery technology capabilities.
EMotorad already sells its e-bicycles in the Indian market and has expanded its retail presence to the UAE, Nepal, and Japan. It also plans to enter the US market with its products soon.
The e-bike start-up says Panine’s core stability will remain intact with Sachin Kumar, co-founder, and CEO, and Nitesh Pandey, co-founder and COO will continue to lead the company ahead, as both teams EMotorad and Panine work together to grow and develop further. Following the acquisition, Sachin Kumar takes over as head of Technology, Nitesh Pandey will be the VP – Sales, while Ramya Sharma will head the Software Engineering and AI Platforms.
Panine’s ultra-fast charging battery tech is based on an infra-light model which makes it easier to integrate the technology with the vehicles so that it adds value to the end consumer. It has also built an associated AI engine-driven platform called Romosa that works on battery life estimation, preventive maintenance and performance enhancement among others.
Kunal Gupta, CEO and co-founder, EMotorad said, “Carrying out this acquisition was easy and simple as we saw the founders to match our thoughts and vision. The coming together of the two is a meeting place of ethics and values and offers the kind of industry impact that we wanted to bring across. Panine has mastered the data co-ordinated hardware space which is critical to battery technology and shall operate as a brand under the EMotorad umbrella while also helping develop our battery technology.”
Sachin Kumar, CEO, Panine said, “Panine is an infra-light platform built with machine learning algorithms and AI, which is the ultimate deciding factor in understanding battery performance. Our work in the area of data coordinated hardware has led to the creation of India’s first EV fast-charging network.”